Greece Faces New Pressure on Cuts

European Official Says Decision on Extending Deadlines for Overhauls Will Come After Creditors Visit

By

Alkman Granitsas and

Costas Paris

Updated Aug. 22, 2012 7:15 p.m. ET

ATHENS—A top European official on Wednesday warned that Greece faced a "last chance" in proving its credibility to international creditors, and said a decision on Athens's proposal to extend deadlines on overhauls wouldn't come until after inspectors visit next month.

Speaking after a meeting with Greek Prime Minister Antonis Samaras, Eurogroup chief Jean-Claude Juncker said Greece must step up its efforts to cut its budget...